Turkey Wake-up call: Macro, Political and Equity News, 22th March
BIST lost 1.41% on Friday as the afternoon sell-off weighed on the index, leading to a 1.82% cumulative loss for the entire week. Banks felt the brunt of the weakness with a 2.69% loss in their sector index. VESTL, FROTO, DEVA, TRGYO, SOKM, and ENJSA were among the rare gainers in the BIST100 space while SAHOL, KCHOL, TTKOM, ODAS, TURSG, ISDMR, TATGD, TAVHL, and TKFEN topped the non-bank decliners. Coming to this morning, the abrupt replacement of the Central Bank governor over the weekend has led to a sharp weakness in lira this morning (USDTRY around the 8.00 mark as we go into print, down from its 8.47 peak in Asian trades while up from 7.2431 at Friday's closing bell) as a knee-jerk reaction. We duly expect a gap lower open for the BIST this morning and the direction of lira will be closely eyed during the course of the day.
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